We are an older, retired couple (my husband and me). That means we do not have a steady income aside from our pensions and our savings. We do not have room to take risks and lose money that should be going to our kids and grand kids. That is why when we hired a service worker--for new renovations on, hopefully, our final new home--we made sure we got a contract bond to protect ourselves! We needed to make our house friendlier for our golden years.
The way we purchased the house just was not going to be feasible a few years down the line. Having too many hardwood floors to vacuum AND wash was going to be too much. We took out a contract bond, so we would know that the man who put in our carpets would not pull one over on us. We have heard horror stories about contractors who have stolen hundreds of dollars from our other friends who are in similar situation as us.
A contract bond insures that the contractor actually does what we want them to do and is using the money we spend for the actual project. It also makes sure that they follow up on us with repairs. It is important, especially when you are hiring someone you do not know (it is hard to find someone you know in every profession, especially at our age, and especially when companies are taking over the mom and pop businesses), that you feel secure and are protecting your assets. I am so glad we got a contract bond when we were redoing our house. It is such a relief to know that someone is looking out for us, the homeowners. Now we get to enjoy the time we have left in our beautiful new home and we also get to spoil our grand kids rotten.
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